Fill in the Table Shown Below Indicating the Period of Time

question 185

Essay

Fill in the table shown below indicating the period of time over which each intangible asset should be amortized,and indicate the amount of amortization expense that should be reported for 2017.
$$\begin{array} { | l | c | c | } \hline & \text { Goodwill } & \text { Trademark } \\\hline \text { Cost } & \$ 80,000 & \$ 55,000 \\\hline \text { Date of purchase } & \text { June } 30,2017 & \text { January } 1,2017 \\\hline \text { Legal life } & \text { Forever } & 20 \text { years } \\\hline \text { Useful life } & 60 \text { years } & 10 \text { years } \\\hline \text { 2017 Am ontization expense } & & \\\hline\end{array}$$

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Definitions:

Interest Revenue

Income earned from the lending of funds or investment in interest-bearing assets, like loans, bonds, or savings accounts.

360-Day Year

An accounting convention that simplifies interest calculations by assuming there are 360 days in a year.

Note Payable

A financial obligation or loan evidenced by a written promissory note specifying payment terms.

Discounted Note

A promissory note whose proceeds are issued at a price lower than its face value, with the difference compensating the lender for risk.